Oilfield Services

Upstream oil and natural gas employment in Texas rose by 13.7% year/year in January to a total of 198,100 jobs, according to the Texas Independent Producers and Royalty Owners Association (TIPRO). The figure was up by 1,700 jobs versus December 2022, the group said, citing data from the U.S. Bureau of Labor Statistics (BLS). The…

Lower 48 natural gas-directed rigs are likely to retreat because of weak prices, Patterson-UTI Inc. CEO Andy Hendricks said Thursday. Hendricks held a conference call to share quarterly results and discuss the outlook for contract drilling services, the company’s forté. At the end of January, the company had 130 rigs on average working in the…

North America natural gas and oil customers are likely to increase their overall capital spending by at least 15% year/year, with well completions equipment already fully contracted, Halliburton Co. CEO Jeff Miller said Tuesday. Well completions fetched higher prices, while exploration and production (E&P) customers clamored for more products, signaling a solid business environment ahead…

Baker Hughes Co. generated record orders in the fourth quarter, driven by “multiple awards” for  LNG and offshore production equipment, CEO Lorenzo Simonelli said Monday. In a conference call to discuss quarterly and full-year earnings, the CEO noted that operationally, the Houston-based oilfield services (OFS) giant “continues to navigate challenges” in “different parts of the…

Oil and natural gas operators are ramping up activity in Latin America, according to the three biggest names in oilfield services.  The management teams of SLB Ltd., Baker Hughes Co. and Halliburton Co. each reported upticks in revenue and activity in the region for the fourth quarter of 2022 and the year as a whole.…

An uptick in global offshore development, combined with expansion of natural gas opportunities overseas, bode well for SLB Ltd. to improve activity in 2023, CEO Olivier Le Peuch said Friday.  All signs point in a positive direction, Le Peuch said, after the world’s No. 1 oilfield services (OFS) operator closed out a “remarkable year.” He…

Houston-based Patterson-UTI Energy Inc. expects to record net income of $100 million-plus for 4Q2022, a sharp turnaround from year-ago losses as Lower 48 drilling expands. The oilfield services company, which previewed earnings on Wednesday, had reported net losses for the fourth quarter of 2021. “In contract drilling, average rig revenue per day benefited primarily from…

Midland, TX-based completions expert ProPetro Holding Corp. is expanding electric-powered hydraulic fracturing fleets, aka e-fleets, after securing a three-year contract with a Permian Basin operator. The contracted equipment provided to the undisclosed operator would be deployed primarily to support simulated fracture operations. Initially, the operator would use ProPetro’s Tier IV dynamic natural gas blending dual-fuel…

Natural gas and oil industry bellwether Schlumberger Ltd. has boosted capital spending for 2022 after posting better-than-expected results in the third quarter. The world’s largest oilfield services company issued its quarterly report on Friday, posting the highest profits in seven years as North America and international drilling climbed from ayear ago. CEO Olivier Le Peuch…